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Understanding Demand in Economics Quiz
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Understanding Demand in Economics Quiz

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Questions and Answers

What does the concept of demand in economics imply?

  • Desire, ability to purchase, and willingness to buy (correct)
  • Desire and ability to purchase
  • Willingness to buy and ability to purchase
  • Desire and willingness to buy

    • When does desire for a commodity constitute demand for it?

  • When backed by purchasing power and willingness to purchase (correct)
  • When the person desires the commodity for a specific period of time
  • When the person really wants the commodity
  • When the person has the ability to purchase the commodity

    • What is the influence of demand for a good in general?

  • Influenced by the market price
  • Influenced only by willingness to purchase
  • Influenced by several factors (correct)
  • Influenced by desire and purchasing power

    • What does demand for a commodity represent?

    <p>The amount a consumer will purchase at a given price during a specific period</p> Signup and view all the answers

    What is not considered as demand in economics?

    <p>Willingness to buy at a high price</p> Signup and view all the answers

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